CEPR Third Annual Spring Symposium in Financial Economics

CEPR Third Annual Spring Symposium in Financial Economics

London, Monday 23 April and Tuesday 24 April 2018



Brevan Howard Centre for Financial Analysis & CEPR
Venue: Imperial College Business School, Lecture Theatre LGS and LGR, London

Monday 23 April
Lecture Theatre Lower Ground S (LGS)

9.00 – 10.00 Registration

Session Chair: Franklin Allen (Imperial College Business School and CEPR)

10.00 – 10.30 Filippo Ippolito (Universitat Pompeu Fabra and CEPR), Viral Acharya (New York University and CEPR), Heitor Almeida (University of Illinois), Ander Pérez-Orive (Federal Reserve Board)

A New Perspective on Bank-Dependency: The Liquidity Insurance Channel

10.30 – 11.00 Rustom M. Irani (University of Illinois and CEPR), Rajkamal Iyer (Imperial College Business Scholl and CEPR), Ralf R. Meisenzahl (Federal Reserve Board), José-Luis Peydró (ICREA-Universitat Pompeu Fabra, and CREI, Barcelona GSE and CEPR)

The Rise of Shadow Banking: Evidence from Capital Regulation

11.00 – 11.30 Mike Mariathasan (KU Leuven), Sergey Zhuk (University of Vienna)

Rational Inattention and Counter-cyclical Lending Standards

11.30 – 12.00 Vasso Ioannidou (Lancaster University and CEPR), Igor Goncharov (Lancaster University), Martin Schmalz (University of Michigan and CEPR)

(Why) do central banks care about their profits?

12.00 – 13.15 Lunch – Ognisko

Asset Pricing
Session Chair: Marcin Kacperczyk (Imperial College Business School and CEPR)

13.15 – 13.45 Thomas Gehrig (University of Vienna and CEPR)

Crossing Networks, Proprietary Trading and the Price Discovery

13.45 – 14.15 Enrique Schroth (Cass Business School and CEPR), Rui Albuquerque (Boston College and CEPR), Johan Cassel (Saïd Business School, Oxford), Ludovic Phalippou (Saïd Business School, Oxford)

Liquidity Provision in the Secondary Market for Private Equity Fund Stakes

14.15 – 14.45 Adrian Buss (INSEAD and CEPR), Raman Uppal (Edhec Business School and CEPR), Grigory Vilkov (Frankfurt School of Finance and Management)

Financial Innovation and Asset Prices

14.45 – 15.15 Pietro Veronesi (University of Chicago, Booth School of Business and CEPR), Luboš Pástor (University of Chicago, Booth School of Business and CEPR)

Political Cycles and Stock Returns

15.15 – 15.35 Tea/Coffee

Corporate Finance
Session Chair: Katrin Tinn (Imperial College Business School​)

15.35 – 16.05 Alejandro Rivera (University of Texas at Dallas), Dirk Hackbarth (Boston University and CEPR), Tak-Yuen Wong (Shanghai University of Finance and Economics)

Optimal Short-Termism

16.05 – 16.35 Erwan Morellec (EPFL and Swiss Finance Institute and CEPR), Sebastian Gryglewicz (Erasmus University), Simon Mayer (Erasmus University)

Agency Conflicts over the Short- and the Long-Run: Short-Termism, Long-Termism, and Pay-for-Luck

16.35 – 17.05 Boris Nikolov (University of Lausanne and Swiss Finance Institute), Lukas Schmid (Duke University and CEPR), Roberto Steri (University of Lausanne)

Dynamic Financial Constraints: Which Frictions Matter for Corporate Policies?

17.15 – 19.15 PhD Poster Session and Drinks Reception


Monday 23 April Parallel Session
Lecture Theatre Lower Ground R (LGR)

9.00 – 10.00 Registration

Investments and Asset Pricing
Session Chair: Tarun Ramadorai (Imperial College Business School​ and CEPR)

10.00 – 10.30 Michaela Pagel (Columbia Business School and CEPR), Steffen Meyer (Leibniz University of Hanover), Alessandro Previtero (Indiana University)

The Consumption Response to Capital Gains: Evidence from Forced Fund Sales

10.30 – 11.00 Rui Albuquerque (Boston College and CEPR), Shiyun Song (Warwick Business School) Chen Yao (Chinese University of Hong Kong)

The Price Effects of Liquidity Shocks: A Study of SEC’s Tick-Size Experiment

11.00 – 11.30 Andrew Ellul (Indiana University and CEPR), Chotibhak Jotikasthira (Southern Methodist University), Anastasia Kartasheva (Bank for International Settlements), Christian T. Lundblad (University of North Carolina, Chapel Hill), Wolf Wagner (Rotterdam School of Management and CEPR)

Insurers as Asset Managers and Systemic Risk

11.30 – 12.00 Tomas Williams (George Washington University), Nathan Converse (Federal Reserve Board), and Eduardo Levy-Yeyati (Universidad Torcuato di Tella)

How ETFs Amplify the Global Financial Cycle in Emerging Markets

12.00 – 13.15 Lunch – Ognisko

Corporate Finance
Session Chair: Sudipto Dasgupta (Lancaster University and CEPR)

13.15 – 13.45 Dirk Jenter (London School of Economics and CEPR), Thomas Schmid (Hong Kong University), Daniel Urban (Technical University of Munich)

Does Board Size Matter?

13.45 – 14.15 Denis Sosyura (Arizona State University), Ran Duchin (University of Washington), and Mike Simutin (University of Toronto)

The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years

14.15 – 14.45 Alvaro Remesal (CEMFI)

How important are dismissals in CEO incentives? Evidence from a dynamic agency model

14.45 – 15.15 Ramin P. Baghai (Stockholm School of Economics and CEPR), Rui C. Silva (London Business School), and Luofu Ye (London Business School)

Bankruptcy, Team-specific Human Capital, and Productivity: Evidence from U.S. Inventors

15.15 – 15.35 Tea/Coffee

Session Chair: Vasso Ioannidou (Lancaster University and CEPR)

15.35 – 16.05 Martina Jasova (European Central Bank), Dominik Supera (The Wharton School), Caterina Mendicino (European Central Bank)

Rollover Risk and Bank Lending Behaviour: Evidence from Unconventional Central Bank Liquidity

16.05 – 16.35 Pedro Gete (IE Business School) and Franco Zecchetto (ITAM Business School)

Mortgage Design and Slow Recoveries. The Role of Recourse and Default

16.35 – 17.05 Filippo De Marco (Bocconi University), Elena Carletti (Bocconi University and CEPR), Vasso Ioannidou (Lancaster University and CEPR), Enrico Sette (Bank of Italy)

Banks as Patient Lenders: Evidence from a Tax Reform

17.15 – 19.15 PhD Poster Session and Drinks Reception

Tuesday 24 April
Lecture Theatre Lower Ground S (LGS)

8.30 – 9.00 Tea/Coffee

Labour, Finance and Employment
Session Chair: Mariassunta Giannetti (Stockholm School of Economics and CEPR)

9.00 – 9.30 Dong Lou (London School of Economics and CEPR), Darwin Choi (Chinese University of Hong Kong), Abhiroop Mukherjee (HKUST)

The Effect of Superstar Firms on College Major Choice

9.30 – 10.00 Annalisa Scognamiglio (University of Naples Federico II), Marco Pagano (University of Naples Federico II and CEPR), and Andrew Ellul (Indiana University and CEPR)

Career Risk and Market Discipline in Asset Management

Corporate Finance
Session Chair: Gilles Chemla (Imperial College Business School​ and CEPR)

10.00 – 10.30 Anton Tsoy (Einaudi Institute for Economics and Finance), Andrei Malenko (MIT)

Asymmetric Information and Security Design under Knightian Uncertainty

10.30 – 11.00 Paolo Fulghieri (University of North Carolina and CEPR), David Dicks (Baylor University)

Uncertainty and Contracting within an Organization

11.00 – 11.20 Tea/Coffee

11.20 – 11.50 Taehyun Kim (Notre Dame University), Heitor Almeida (University of Illinois at Urbana-Champaign) and Daniel Carvalho (Indiana University)

Understanding the Credit Multiplier: The Working Capital Channel

11.50 – 12.20 Mariassunta Giannetti (Stockholm School of Economics and CEPR), Giovanni Favara (Federal Reserve Board), Janet Gao (Indiana University)

Uncertainty, Creditor Rights, and Firm Precautionary Behaviour

12.20 – 13.30 Lunch


Session Chair: TBC

13.30 – 14.00 Nina Boyarchenko (Federal Reserve Bank of New York), Anna M. Costello (University of Michigan), Jennifer La’O (Columbia University), and Or Shachar (Federal Reserve Bank of New York)

Credit Market Choice

14.00 – 14.30 Marina Traversa (HEC Paris), Guillaume Vuillemey (HEC Paris and CEPR)

Entry in banking markets

14.30 – 14.50 Tea/Coffee

14.50 – 15.20 Paul Schempp (University of Cologne and Max Planck Institute), Stephan Luck (Federal Reserve Board)

Inefficient Liquidity Creation

15.20 – 15.50 Sotirios Kokas (University of Essex), Abhimanyu Gupta (University of Essex) and Alexander Michaelides (Imperial College Business School and CEPR)

Credit Market Spillovers: Evidence from a Syndicated Loan Market Network

15.50 Conference Concludes

Tuesday 24 April Parallel Session
Lecture Theatre Lower Ground R (LGR)

8.30 – 9.00 Tea/Coffee

Finance, Moral Incentives, and Environment

Session Chair: TBC

9.00 – 9.30 Ralph De Haas (EBRD and Tilburg University), Alexander Popov (European Central Bank) Financial Development and Industrial Pollution

9.30 – 10.00 Martin Kanz (World Bank and CEPR), Leonardo Bursztyn (University of Chicago), Stefano Fiorin (UCSD Rady), Daniel Gottlieb (Washington University in St. Louis)

Moral Incentives in Credit Card Debt Repayment: Evidence from a Field Experiment

Asset Pricing​ 

Session Chair: Harjoat Bhamra (Imperial College Business School​ and CEPR)

10.00 – 10.30 Hans Degryse (KU Leuven and IWH-Halle), Nikolaos Karagiannis (KU Leuven)

Once upon a broker time? Order preferencing and market quality

10.30 – 11.00 Alberto Teguia (Ecole Polytechnique Fédérale de Luasanne), Florent Gallien (Swissquote), Donghe Kang (Swissquote), Serge Kassibrakis (Swissquote), Nataliya Klimenko (Swissquote, Swiss Finance Institute and University of Zurich), Semyon Malamud (Swiss Finance Institute and Ecole Polytechnique Fédérale de Luasanne and CEPR)

Liquidity Provision in the Foreign Exchange Market

11.00 – 11.20 Tea/Coffee

11.20 – 11.50 Andreas Uthemann (London School of Economics) and Lerby M. Ergun (Bank of Canada)

Information Flows in Over-the-Counter Markets: Evidence from a Consensus Pricing Service for Equity Index Options.

11.50 – 12.20 Peter Hoffmann (European Central Bank), Harald Hau (University of Geneva and Swiss Finance Institute and CEPR), Sam Langfield (European Systemic Risk Board), Yannick Timmer (European Systemic Risk Board and Trinity College, Dublin)

Discriminatory Pricing of Over-the-Counter FX Derivatives

12.20 – 13.30 Lunch at Ognisko

Corporate Finance
Session Chair: Claudia Custodio  (Imperial College Business School​ and CEPR)

13.30 – 14.00 Alminas Žaldokas (HKUST), Thomas Bourveau (Columbia University), and Guoman She (HKUST)

Naughty Firms, Noisy Disclosure: The Effects of Cartel Enforcement on Corporate Disclosure

14.00 – 14.30 Mariassunta Giannetti (Stockholm School of Economics and CEPR), Guanmin Liao (Central University of Finance and Economics), Jiaxing You (School of Management, Xiamen University), Xiaoyun Yu (Indiana University)

The Externalities of Corruption: Evidence from Entrepreneurial Activity in China

14.30 – 14.50 Tea/Coffee

14.50 – 15.20 Farzad Saidi (Stockholm School of Economics and CEPR) and Daniel Streitz (Copenhagen Business School)

Common Lenders and Product Market Competition

15.20 – 15.50 Yi Huang (The Graduate Institute Geneva), Marco Pagano (University of Naples Federico II and CEPR), Ugo Panizza (The Graduate Institute Geneva and CEPR)

Local Crowding Out in China

15.50 Conference Concludes

Local arrangements:

Jas Gill ([email protected])
Rebecca Moody ([email protected])